New York (US), Sept. 06, 2023 (GLOBE NEWSWIRE) -- Sintered Steel Market Overview
According to a Comprehensive Research Study by Market Research Future (MRFR), “Sintered Steel Market Information by Steel Type, Process, Application, End Use Industry, and Region - Forecast till 2032”, The Sintered Steel industry can expand from USD 25.1 billion in 2023 to USD 35.2 billion by 2032, at a rate of 4.30% from 2023 to 2032.
Market Scope
Market expansion is anticipated to be driven, notably in the automotive industry, by the growing emphasis on producing low-cost metal parts with less waste and more accuracy. Steel is a common alloy used in industrial settings to create components with qualities like high strength and corrosion resistance. Sintering is superior to other processes like casting, stamping, and cutting in a number of ways. In addition to the flexibility of complex design, sintered steel part production minimizes machining costs and waste, which is predicted to boost market growth.
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Market Competitive Landscape:
The important companies in the market for sintered steel include
- Advanced Technology (Bazhou)
- Special Powder Ltd
- Changsha Hualiu Metal Powders Ltd (HL Powder)
- CNPC Powders
- Erasteel
- GKN
- Hoganas AB
- POLEMA
- Pometon Powder
- Sandvik AB
- Yingtan Longding New Materials & Technologies Ltd
- United States Metal Powders Inc.
- Among others
Report Scope:
| Report Attribute | Details |
| Market Size 2032 | USD 35.2 Billion |
| Compound Annual Growth Rate (CAGR) | 4.30% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The practice of electrical and microelectronics in different provinces. |
Browse In-depth Market Research Report (128 Pages) on Sintered Steel: https://www.marketresearchfuture.com/reports/sintered-steel-market-12039
Market USP Covered:
Market Drivers:
The emphasis on producing metal components at low cost with less waste and more accuracy is expected to fuel market expansion, particularly in the automotive sector. For making parts with qualities like high strength and corrosion resistance, steel is a popular alloy in industrial applications. Comparing sintering to other techniques like casting, stamping, and cutting reveals further benefits. Along with the flexibility of complicated design, the manufacture of sintered steel parts greatly lower
Given an increasing focus on strict standards, worries about the high cost of manufacturing, rising wastage in the manufacturing process, and issues regarding carbon footprints, the automobile industry is a significant end user of sintered steel. Over the course of the projected period, norms like Bharat Stage VI (BS-VI) are anticipated to present profitable prospects for sintered components.
Sintering is the appropriate technology for the mass production of such components considering the productivity advantages of the BS-VI norm, which focuses on lowering harmful emissions and requires manufacturers to include sensors before and after the catalytic converters. Sintered steel net parts are lightweight and offer better yield at a lower cost since the sintering process requires fewer production steps than conventional techniques, which results in reduced energy usage and a low carbon footprint. The demand for sintered steel is anticipated to increase over the next few years as a result of these benefits and the expanding global auto component market.
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Market Restraints:
Despite increasing demand from consumers, several drawbacks of sintering technology, including the challenge of producing big parts and the absence of high-strength in sintered components in comparison to cast irons or forged parts, are anticipated to have an impact on market growth. Additionally, the high cost of manufacturing equipment and machinery restricts large production. In addition to the limitations of technology, the raw material steel may one day be replaced by materials like aluminum due to the rapid advancement of technology.
COVID 19 Analysis
Since the coronavirus outbreak, emphasis has been placed on examining the potential uses of autonomous vehicles that might help the industry develop. To give food and medical assistance in places that are severely impacted by the virus, Neolix, for example, has set up its autonomous vehicles in China. Delivery and logistics have been hampered as a result of the pandemic. Autonomous vehicles are receiving more attention because they have the capacity to handle the issue. It may be proven by the fact that Neolix had only sold 159 orders between May 2019 and January 2020, whereas due to the pandemic, it had booked 200 orders between the months of February and March 2020. The market would expand in response to the mounting need for driverless vehicles, in turn bolstering the demand for sintered steel market size.
Market Segmentation
By Type
Stainless steel, carbon steel, alloy steel, and tool steel are included in the Sintered Steel Market segmentation in terms of the steel type.
By Process
The process-based segments of the sintered steel market are metal injection molding (Mim), additive manufacturing (Am), conventional manufacturing, and powder forging. The category of additive manufacturing (Am) produced the highest level of revenue in 2022.
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By Application
Engines, transmissions, bodywork, chassis, drivetrains, electrical appliances, and other items are included in the application-based segmentation of the sintered steel market. In 2022, the market's dominant segment was engines.
By End Use Industry
With respect to the end-use industry, the sintered steel market is split into transportation, electrical, industrial, and other sectors. In 2022, the electrical sector dominated the industry.
Regional Insights
In 2022, the worldwide market was dominated by the Asia-Pacific (45.80%). The countries in the Asia Pacific that are quickly industrializing are China, India, and many Southeast Asian countries. The expansion of industries including the automotive, manufacturing, and construction sectors is what is driving the demand for sintered steel components.
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